Blue Note Closes Private Placement
18 December 2011 - 11:33PM
PR Newswire (Canada)
MONTREAL, Dec. 19, 2011 /CNW Telbec/ - Blue Note Mining Inc. ("Blue
Note" or the "Company") announces that it has closed a non brokered
private placement (the "Private Placement") of 2,725,000
flow-through shares at a price of $0.08 each for gross proceeds of
$218,000. These securities were issued pursuant to applicable
prospectus exemptions and will be subject to a statutory hold
period of four months and one day from closing expiring April 20,
2012. Closing of the Private Placement remains subject to the
approval of the TSX Venture Exchange. The net proceeds from the
Private Placement will be used to advance Blue Note's Croinor and
Chimo projects, which will constitute Canadian exploration expenses
(as defined in the Income Tax Act (Canada)) and will be renounced
for the 2011 tax year. Blue Note also announces that it will issue
375,000 common shares to Mr. John Martin, a former manager, at a
deemed price of $0.06 each. Those shares are being issued under an
agreement governing the terms of Mr. Martin's cessation of
employment which occurred on May 18, 2011, under which he is to be
issued a total of $45,000 in common shares of Blue Note, 50% of
which at the market price as of December 15, 2011 and 50% of which
at the market price as of April 15, 2012. The shares issued to Mr.
Martin are subject to a restricted period on resale for four months
and one day. About Blue Note Mining Blue Note Mining is a mineral
exploration and mining company headquartered in Montreal with
properties located in known gold regions of Canada, including the
prolific Val-d'Or region of Quebec and northern New Brunswick.
Forward-Looking Statements This news release contains discussion of
items that may constitute forward-looking statements within the
meaning of securities laws that involve risks and uncertainties.
Such statements include those with respect to the Company's use of
funds under the Private Placement. Although the Company believes
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, it can give no assurances that its
expectations will be achieved. Such assumptions, which may prove
incorrect, include the following: (i) Blue Note's management will
not identify and pursue other business objectives using the
proceeds of the Private Placement and (ii) the price of gold will
remain sufficiently high and the costs of advancing the Company's
gold projects sufficiently low so as to permit Blue Note to
implement its business plans in a profitable manner. Factors that
could cause actual results to differ materially from expectations
include (i) the Company's failure to make effective use of the
proceeds of the Private Placement, (ii) the failure of the
Company's drilling projects, for technical, logistical,
labour-relations or other reasons, (iii) the Company's inability to
obtain the necessary regulatory approvals for the Private
Placement, (iv) a decrease in the price of gold below what is
necessary to sustain the Company's operations, (v) an increase in
the Company's operating costs above what is necessary to sustain
its operations, (vi) accidents, labour disputes or the
materialization of similar risks, (vii) a deterioration in
capital market conditions that prevents the Company from raising
the funds it requires on a timely basis and (viii) generally, the
Company's inability to develop and implement a successful business
plan for any reason. These factors and others are more fully
discussed in the Company's filings with Canadian securities
regulatory authorities available at www.sedar.com. Actual results
may vary from the forward-looking information. "Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release." BLUE
NOTE MINING INC. CONTACT: Jean MayerExecutive Vice President(800)
937-3095 x236jmayer@bluenotemining.cawww.bluenotemining.ca
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